What you should know about pay my rent in Nigeria
April 5, 2021
What you should know about pay my rent in Nigeria
Pay my rent – What can be more disheartening and humiliating than one’s inability to settle his/her tenancy as at when due?
Nothing kills slowly than the rage of a Nigerian Landlord to the glare of fellow tenants when you have repeatedly failed to meet the due date.
How about tip towing out of the compound trying to avoid your landlord at all possible cost just to avert unnecessary drama?
Should I talk about the Lagos landlords who delight in showing off their powers just to force you have your tenancy settled? That should be a story for another day.
Necessity they say is the mother of invention, in view of the raising tenancy default, I wish to discuss a product in town that helps you end the squabble with your landlord for good.
Ladies and gentlemen, here is introducing to you “Pay my rent.”
What is pay my rent?
Just like the name sounds, paymyrent is a lender that focuses on property market in Lagos, Nigeria.
By this standard, they provide a non-collateral loan to working class individuals who wish to settle their tenancy.
However have a rent advance loan that’s available to both employed and non-employed tenants.
This platform was created and launched in February 2017 by Damilare Ogunyemi, available to only Lagos residents at the moment.
How pay my rent works
Using the paymyrent app helps you in the following arrangement as a client with housing issue in mind;
- You save towards paying your rent
- You obtain a loan to settle your rent and
- Then finding apartment to rent in Lagos Nigeria.
How to access the service through the app
You will have to sign up on the platform by creating an account on paymyrent app either on the web or mobile app.
Having arrived on the home page;
- Click sign up
- Provide details as required (complete name, email address etc)
- Login to your email to verify your account
- On successful registration you will proceed to create a plan.
A savings plan helps you save and organize your savings
Now under this category, it’s either you choose a periodic plan or a fixed deposit plan.
Periodic plan features
- You can save daily, weekly or monthly
- It comes with up to 7% interest rate per deposit
Fixed deposit plan features
- You can fix your deposit for 6 months and above
- Up to 20% interest rate per annum
Click continue to navigate to the next page and give your rent savings plan a name.
Proceed to decide how you want to save your rent in the following arrangement;
- The frequency at which you wish to save, which could be daily, weekly or monthly
- Select date where applicable
- Then select duration at which you wish to save
Decide how much you wish to save in the select plan then add your bank.
You can withdraw your savings into your bank account alongside the interest rate.
Daily plan on savings is N200 minimum, N1,500 weekly and N5,000 for monthly schedule.
By any means you are saving towards a rent eventually do not have sufficient fund to settle the rent, paymyrent will come to your aid by making available 50% of the rent without collateral of any kind from you.
The property usually will be sourced from paymyrent website and taken care of by its agent.
You’re expected to repay the amount contributed thereafter from your monthly salary.
Should you decide to get this facility, kindly follow the under-listed process
- Visit paymyrent or the app
- Click on properties
- Do search for a property of your choice then book an inspection with paymyrent agent, Having completed your inspection and certify a property you wish to pay for
- Revert to the website/app and fill the loan application form appropriately with detailed information
- On inspection of documents, your loan will be approved while you contribute 50% of the rent amount, paymyrent in turn settles the landlord while you make repayment monthly.
Who can access this loan?
- You must live/work in Lagos state
- You should be able to provide a copy of employment/confirmation letter
- A recent utility bill not older than 90 days
- Monthly salary received in a savings/current account in a Nigerian bank
- Pension account tax ID required
- You should be earning N70,000 and above
- Should be able to provide a guarantor who earns more than you do.
- You ought to have been confirmed at least in the last six months as a staff of a registered company in Lagos.
- The loan is collateral free
- The loan is being approved swiftly so long your documentation has been completed
- Flexible repayment plan
- Despite no collateral required, you will need a guarantor in place to access this loan
- Restricted to only applicants living in Lagos
- Your employer needs approve your loan requirements
- You should be earning at least N70,000 and above
- The app does not load fast, needs to be improved for users to have swift and seamless experience.
How safe is Paymyrent/is paymyrent legit?
It’s regulated by the Central Bank of Nigeria (CBN) and insured by Nigerian Deposit Insurance Corporation (NDIC).
To this end, all financial information is encrypted and stored to PCI DSS Level 1 compliant standards, a set rules stated by credit card companies and audited by independent third party.
The highest payment rating available in the electronic payment processing industry.
Does Paymyrent has an office?
Yes, the office is located at No Payment HQ 37, Akin Oshiyemi Street, Allen, Ikeja.
Here you have a company that helps settle your tenancy without stress, it’s up to you to enroll for a rent and property solution going forward to avert the Lagos Landlord “wahala.”
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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